Mountain Crest Acquisition Corp. V

What they do

Mountain Crest is a special purpose acquisition company (SPAC) formed to effect a merger or acquisition with one or more businesses, targeting North America and Asia Pacific excluding China. It has not completed a business combination and generates no revenue; it holds cash from its IPO and private units and incurs costs seeking a target. The company's securities were delisted from Nasdaq in November 2024 and now trade over-the-counter.

Revenue drivers

• No operating revenue — As a blank check company, Mountain Crest has no business operations and generates no revenue; its only assets are cash and marketable securities held in trust.
• IPO and private placement proceeds — Funding comes from proceeds of its Initial Public Offering and sale of private units, which are used to fund search efforts and operating expenses.
• Interest income on trust account — The company may earn interest on funds held in trust, but the amounts are minimal relative to expenses.

Recent performance

For the fiscal year 2025, the company reported a net loss of $431,161, compared to a net loss of $374,454 in 2024. Operating cash flow was negative $741,998 in 2025 versus negative $921,200 in 2024. As of March 31, 2026, total assets were $986,588, total liabilities were $3.9 million, and shareholder equity was negative $3.8 million, with cash and equivalents of $97,101. The company has not completed a business combination and continues to incur costs pursuing a target.

Strategy

Management intends to complete an initial business combination with one or more businesses in North America or Asia Pacific (excluding China). The company has not announced a current target after its previous agreement with AUM Biosciences was terminated in June 2023. It continues to explore acquisition opportunities, but faces significant financial constraints and a tight cash position. No new business combination agreement has been disclosed in the most recent filings.

Risks

• Going concern / liquidity — With negative shareholder equity of $3.8 million and only $97,101 in cash as of March 31, 2026, the company may not have sufficient funds to sustain operations or complete a business combination.
• No business combination completed — The company's sole purpose is to complete an initial business combination; its prior attempt with AUM Biosciences was terminated in June 2023, and there is no current agreement.
• Delisted from Nasdaq — Trading of the company's securities on Nasdaq was suspended on November 21, 2024, and it now trades over-the-counter, which could reduce liquidity and investor interest.
• Regulatory and compliance risk — The company has faced delisting notices for failure to meet listing requirements and has been delinquent in filing periodic reports, increasing the risk of additional regulatory actions.

Outlook

Management has not provided a specific timeline for completing a business combination. The company expects to continue incurring significant costs in pursuit of acquisition plans, but cannot assure success. Without additional funding or a completed transaction, the company's ability to continue as a going concern is uncertain.